Truckers, Take Note!

Courtesy of IRS -

Highway Use Tax Changes

The American Jobs Creation Act of 2004 eliminated the installment option for paying federal highway use tax. Beginning with the Form 2290, Heavy Highway Vehicle Use Tax Return, for the tax year that begins on July 1, 2005, the balance due on the form must be paid in full by the due date of the return.

In most cases, the deadline for filing the return and paying any tax due is August 31, 2005.

The Jobs Act also eliminated reduced tax rates for vehicles registered in Canada and Mexico. For more information, refer to IRS News Release IR-2005-68.